S&P upgrades Transener

S&P said it raised the corporate credit and issue-level ratings on Compania de Transporte de Energia Electrica en Alta Tension Transener SA (Transener) to B from CCC+.

The outlook is stable.

The upgrades follow the improvement in Transener's capital structure and liquidity since the announcement of an Integral Tariff Review (ITR) for the electric sector, S&P explained.

The ITR set a scheme of rates and an investment plan for the next five years, the agency said.

The new regulatory framework eliminates Transener's dependence on discretionary disbursements from the government and improves its cash flow predictability in the short- to medium-term, S&P said, as well as its liquidity and capital structure.

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